The Indian stock market witnessed uptrend trading session with benchmark indices ending on a higher note, led by strong gains in the IT sector and stock-specific rallies on selective stocks. The Sensex ended up by 314 points at 81,101, and the Nifty 50 gained 95 points to close at 24,868.60. Even though there were mixed sentiments, mid-cap and small-cap indexes also registered moderate gains of about 0.2%, reflecting widespread buying interest across the board.
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Key Movers
Infosys was the biggest gainer with its stock price rising approximately 4.8%, closing at Rs. 1,501 close, supported by good quarterly numbers and positive sentiment. Other key IT stocks like Wipro, Tech Mahindra, and Dr. Reddy’s Laboratories also gained 2.5% to 4.5%, hugely supporting the Nifty IT index which rose by almost 2.8%. Among the non-IT stocks, Adani Ports was a major winner, driven by upbeat trade negotiations and recovery sentiment. On the other hand, stocks such as Tata Motors, Titan Company, and Jio Financial lost ground on profit booking.
Sectoral Performance
The IT sector dominated the rally, with the Nifty IT index surging strongly by 2.8%, driven by robust earnings and relentless investor interest in technology shares. The Pharma and FMCG industries recorded modest advances of around 0.5% each, led by selective buying in defensive shares in view of worldwide economic uncertainties. The Oil & Gas and Realty sectors traded in losses, closing with marginal falls near 0.3%, weighed down by profit-booking and weak crude prices. The overall market also witnessed sustained buying interest in mid-cap and small-cap stocks, indicative of healthy market breadth.
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Market Sentiment and Outlook
Encouraging US-India trade talks and firm crude prices helped build a positive market sentiment. The Indian Rupee appreciated marginally, settling closer to 88.11 per US dollar, supporting investors’ confidence. The market may continue to move in a range with selective sectoral rotations with a focus on IT and Pharma as major themes, according to the analysts. Investors await global macro cues and near-term corporate earnings as market drivers.
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Nutshell
The trading session today turned out to be a healthy session for Indian equities, which was characterised by leadership from IT and Pharma space combined with the gains of select mid-caps. With Infosys and Tech Mahindra in top gainers, along with consistent performances of FMCG stocks, markets are still positive despite weakness in segments such as Oil & Gas and Realty. These sectoral movements highlight the continued stock-specific and sector-oriented market sentiments, pushing investors to balance earnings and macroeconomic drivers carefully to navigate the existing scenario.
